MMR real estate witnesses 38% surge in property registration in Q1 2024
Mumbai Metropolitan Region (MMR) reaffirms its position as India's premier residential market, exhibiting strong growth at the onset of the financial year. The first quarter (Q1) of 2024 witnessed a notable upward trajectory, reflecting MMR's enduring dominance. Comprehensive data compiled by Square Yards Data Intelligence reveals that MMR recorded an impressive 60,719 transactions, amounting to a substantial Rs 54,239 crores in total.
The first quarter saw Lodha Group (Macrotech Developers) maintain its prominent position as the top performer in terms of volume and units sold on the back of heightened demand with 1,881 units amounting to Rs 2,318 crores. Oberoi Realty held on to the second spot in terms of total sale value registering Rs 1,717 crores while Runwal Group maintained the second spot in number of units sold with 679 transactions.
“The onset of Q1 2024 has affirmed that the Mumbai Metropolitan Region (MMR) is currently a buyer's market. Increasing home buying sentiment, along with ample supply and diverse options ranging from affordable to luxury housing, is driving investment intentions. Planned infrastructure development, particularly the upcoming metro lines enhancing connectivity to major hubs, is spotlighting new micro-markets for investment opportunities,” said Ganesh Devadiga, SVP and Sales Director, Square Yards.
Dosti Greater Thane secured first position as the top-selling project in the MMR based on sales transactions followed by Runwal Gardens and Dosti West County.
In Q1 2024, Thane West emerged as the leading locality for real estate transactions, with an impressive 5,000+ units sold. This area emerged as a prime choice for new homebuyers and investors due to its offering of a diverse range of properties from affordable to luxurious. Improved infrastructure and transportation facilities have made commuting easier, contributing to the overall appeal of Thane. Additionally, the rapid development of social infrastructure, including schools, hospitals, shopping centers, and recreational facilities has further elevated the desirability of these localities, making them an attractive choice for residents and investors seeking convenience, connectivity, and lifestyle amenities.
Analyzing the budget and area-wise demand from January to March 2024, properties priced below Rs 50 lakhs constituted the majority of transactions at 51%. Properties priced between Rs 50 lakhs to one crore accounted for 24% of transactions. In terms of area, properties ranging from 0-500 sq ft were most in demand, making up 56% of the transactions.
Given the high yields in the MMR region, top developers in the area are diligently addressing market needs, focusing on factors such as affordability, amenities, and space requirements. A comprehensive approach to area development, coupled with ongoing infrastructure improvements, is poised to contribute positively to this prestigious real estate market in 2024.
